3.30pm: The partial float of Endemol was kick started today by owners Telefonica, in a move valuing the firm around Euro1.1bn (£752m).
The partial float of Endemol was kick started today by owners Telefonica, in a move valuing the firm around Euro1.1bn (£752m).

The Spanish telecoms firm announced it had sold off 22.3% or 27.9m shares on the Amsterdam stock market to institutional investors at Euro9 (£6.16) a share - at the lower end of the estimated price range.

Telefonica had been seeking a valuation of up to Euro1.6bn (£1.09bn) with an offer price range of between Euro8.8 to Euro12.8 per share.

Successful formats made by Endemol include Big Brother, Extreme Makeover: Home Edition and Changing Rooms.

Endemol UK chairman Peter Bazalgette and other senior executives at the indie, including joint managing directors Richard Johnston and Lucas Church and chief creative officer Tim Hincks, are set to be beneficiaries.

As expected, Endemol's French business will be split off and run separately but existing "operational and creative relationships" will continue.